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Previous estimates had ranged from 6m to 10m, but the official estimate for the number of people likely to lose coverage under the GOP’s health care plan makes those figures look like chump change.

The proposed repeal of the Affordable Care Act could lead to 24m people becoming uninsured in less than a decade’s time, according to a report by the Congressional budget watchdog. As a result, by 2026 an estimated 52m people would be uninsured compared with 28m who lack insurance under the current law.

Those findings are at odds with Mr Trump’s claim before taking office that his healthcare plan would provide “insurance for everybody”. Ahead of the report administration officials had attempted to undermine confidence in prior CBO research. Sean Spicer, the White House spokesman, said last week “if you’re looking at the CBO for accuracy you’re looking in the wrong place.”

In Asia Pacific equities, Sydney’s S&P/ASX 200 index is up 0.1 per cent in early trading, while futures tip both Tokyo’s Topix index and Hong Kong’s Hang Seng index to open 0.1 per cent higher.